Royal Imtech goes into administration
Administrators have been appointed at Dutch group Royal Imtech after it filed a request to be granted a suspension of payments with the District Court Rotterdam. The development comes days after the group's German subsidiary filed for insolvency.
In a statement, the group said it was "very disappointing that after all the efforts of all involved it has not proven possible to avoid this situation. Filing for suspension of payments now may optimise the chances that substantial parts of the Imtech Group may continue in the interest of all stakeholders and specifically our employees".
Royal Imtech had considered all options in view of the fact that an agreement with financiers on additional financing could not be reached.
Imtech UK and Ireland, which includes Imtech Water, Waste & Energy, is continuing to trade as normal and "is not subject to this administration". It said: “Imtech UK and Ireland now operates under the sole control of the UK management and we are continuing to trade. While continuing our business we are also assessing longer-term options and in discussions with interested parties.”
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